This was driven by completed investments ensuring availability of capacity to meet market demand along with a number of commercial initiatives. This strong operational performance was successfully converted into an excellent set of first-half financial results.
Group financial highlights
First-half consolidated revenue rose 57% period on period to USD 259.7 million reflecting strong growth in container handling throughput, improved average pricing as well as changes in the mix of services provided;
Strict cost management and significant operating leverage resulted in Group costs increasing significantly less than the increase in revenues with the total cost of sales, selling and administrative expenses up just 28% period on period to USD 144.9 million;
Adjusted EBITDA climbed 82% period on period to USD 145.0* million;
Adjusted EBITDA Margin reached 56%* compared to 48%* in the first six months of 2010;
Profit for the period almost doubled to USD 82.4 million. Earnings per share (1) were USD 0.17 in the first six months of 2011 compared to USD 0.09 in the same period the previous year;
ROCE increased to 21%* in the first six months of 2011 compared to 9%* in the same period the previous year;
CAPEX on a cash basis increased by USD 37.4 million period on period to USD 49.1 million reflecting accelerated investments in capacity expansion;
The Group continued to deleverage with Net Debt down 52% to USD 66.5* million at 30 June 2011 compared to USD 139.9* million at the end of 2010. Net Debt to LTM Adjusted EBITDA was only 0.2x* at 30 June 2011 compared to 0.7x* at the end of 2010;
On the basis of strong financial results, the Board of Directors approved the distribution of an interim dividend of USD 28.2 million (2) for the first six months of 2011 (USD 0.18 per GDR).
1 Basic and diluted earnings per share for profit attributable to the owners of the Company during the period.
2 Calculated excluding USD 25 million already paid in June 2011. Each GDR represents an interest in three ordinary shares.